There was nothing new. The market likes that. Janet testified before Congress today. She does another Speech again on Thursday as well. (Note: That was cancelled Thursday morning, possibly due to weather) She hasn't made any break from Ben Bernanke which is welcomed. Mortgages are holding at slightly higher rates, which has cooled down the refinance and housing markets. but the Fed fund rate remains at near zero. If inflation should return, that will be the control mechanism to keep it in check.
Various Hawks continue to testify regarding the nuts and bolts of the Fed Policy, but there are no surprises for now. The S+P is higher by 22 points as a result. Work on the Money Supply is ongoing, meaning no change in the Fed for now. Volatility relaxed to the low 14 levels with a week to go until February Expiration.
There is a little selloff with 5 minutes to go until the Closing Bell, being rung by Paul Rodgers of Bad Company. Profit Taking it seems. Buy the dip they say at the exchange looking for some bargains, and a possible second correction. 1819.74 seems to be where it has settled.
Now is a time to own Volatility some say, even at VIX 14. This appears to be the Taper Effect coming back in as the markets slowly trudge their way back to a pre-QE volatility behavior. For today at least, they behaved like QE was still on.
Norway leads the medals, but Canada got another couple at Sochi too.
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